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please help! thanks In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was
please help! thanks
In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Salvage Value Useful Life (in years) Acquired Jan 1, 2020 July 1, 2021 Cost $ 130,500 1 $ 30,500 10 Depreciation Method Straight-line Declining-balance Units-of-activity 2 88,000 10.100 5 3 Nov. 1, 2021 76,100 9,100 6 For the declining-balance method, Crane Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 33,500. Actual hours of use in the first 3 years were: 2021, 660, 2022, 5.700; and 2023, 7,300, (a) Your answer is incorrect Compute the amount of accumulated depreciation on each machine at December 31, 2023 MACHINE 1 MACHINE 2 MACHINE 3 Accumulated Depreciation at December 31 $ Step by Step Solution
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